Bitcoin: An Alternative Solution to Venezuela’s Economic Crisis

One million units of a nation’s currency to buy a cup of coffee would have been unthinkable before now. This is the case in Caracas, Venezuela, today, where it now costs one million bolivars to buy a single cup of coffee. This is due to the hyperinflation of the past 12 months in the once-rich The post Bitcoin: An Alternative Solution to Venezuela’s Economic Crisis appeared first on CCN

Read More

Bolivar to Bitcoin Trading Surpasses a Record $1 Million per Day

Venezuela’s economic situation has been steadily declining in the past few years, bringing Venezuelans to turn to cryptocurrencies. According to VeneBloc data, the bolivar-to-bitcoin market recently reached a new record, as the equivalent of $1.009 million in bolivars were exchanged for bitcoin on April 17. VeneBloc tracks transactions made on peer-to-peer exchange LocalBitcoins on the … Continued The post Bolivar to Bitcoin Trading Surpasses a Record $1 Million per Day appeared first on CCN

Read More

Venezuela’s Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro

Runaway inflation continues to devalue the Venezuelan Bolivar (VEB), even as the country’s authoritarian government seeks to divert attention from the floundering economy by hawking its “Petro” cryptocurrency. According to Reuters, prices in Venezuela rose by 454 percent during the first quarter of 2018 and have swelled by 8,900 percent over the past 12 months. … Continued The post Venezuela’s Bolivar Sees 454% Inflation in Q1 as Maduro Hawks the Petro appeared first on CCN

Read More